Rituals

CREATING JOBS

IN UAE

BY HASIBA HAFIZI
AMERICAN INTERNATIONAL SCHOOL

MISS SHAHEEN
DUE DATE 2 JAN

600M

BY 2020, THE WORLD WILL NEED TO CREATE 600 MILLION
JOBS JUST TO KEEP UP WITH POPULATION GROWTH.
THESE JOBS MUST BE GOOD JOBS—BECAUSE JOB GROWTH
ALONE ISN'T ENOUGH TO CATALYZE DEVELOPMENT.

40

30

20

10

0 2016 2017 2018 2019 2020

THAT’S BECAUSE FAR TOO MANY JOBS IN DEVELOPING
COUNTRIES TODAY ARE IN THE INFORMAL SECTOR—WHERE

WORKERS STRUGGLE WITH FEWER RIGHTS, HAZARDOUS
WORKING CONDITIONS, AND LOW WAGES.

HOW CAN WE CREATE BETTER JOBS ?




100

75

50

25

0 New York Chicago Boston
DC

WE NEED TO WORK TO ENSURE THAT JOBS ARE CREATED FOR
BOTH MEN AND WOMEN — INCLUDING YOUTH—AND THAT THESE

ARE SUSTAINABLE, PRODUCTIVE, OFFER FAIR PAY, HIGHER
WAGES, GOOD WORKING CONDITIONS, AND PROVIDE
OPPORTUNITIES TO ADVANCE

HOW TO CREATE YOUR OWN
JOB OR BUSINESS IN UAE

1. Determine Your Business Concept

The majority of business advice encourages you
to make money doing something you enjoy, but it
leaves out two other crucial factors: it must be
profitable and something your good at. For
instance, even if you love music, your company
idea may not be very beneficial if you are not a
talented singer or songwriter. It won't be simple
to corner the market when you're producing the
same product as other surrounding stores if you
want to operate a soap shop in your tiny town
when there are already three nearby.

ASK YOURSELF THE FOLLOWING QUESTIONS IF YOU
DON'T KNOW EXACTLY WHAT YOUR BUSINESS WILL
INVOLVE:

What do you What are you good at?
love to do? What do others come
What do you
hate to do? to you for advice
about?




Can you think If you were given ten
of something minutes to give a five-
minute speech on any
that would topic, what would it be?
make those
things easier?

What’s something
you’ve always wanted to

do, but lacked
resources for?




These questions can lead you to
an idea for your business. If you
already have an idea, they might
help you expand it.

2. RESEARCH YOUR
COMPETITORS AND MARKET

MOST ENTREPRENEURS DEVOTE MORE TIME TO THEIR PRODUCTS
THAN TO LEARNING ABOUT THEIR COMPETITORS. IF YOU APPLY FOR
OUTSIDE FUNDING, THE POTENTIAL LENDER OR PARTNER WILL
WANT TO KNOW WHAT DISTINGUISHES YOU (OR YOUR BUSINESS
IDEA). IF MARKET RESEARCH INDICATES THAT YOUR PRODUCT OR
SERVICE IS OVERSATURATED IN YOUR AREA, CONSIDER A DIFFERENT
APPROACH.

Primary Research
Any competition study should start with
primary research, which involves gathering
information directly from potential clients
rather than basing your conclusions on
previous data. To find out what customers
want, use questionnaires, surveys, and

interviews



Secondary Research
Utilize existing sources of information,
such as census data, to gather information

when you do secondary research. The
current data may be studied, compiled and

analyzed in various ways that are
appropriate for your needs but it may not

be as detailed as primary research.



Make a SWOT analysis.
Strengths, Weaknesses, Opportunities, and
Threats is referred to as SWOT. By performing

a SWOT analysis, you can examine the
information on how your idea or product would

perform on the market and it can also assist
you in deciding the direction of your idea.

3. CREATE YOUR
BUSINESS PLAN

A DYNAMIC DOCUMENT THAT ACTS AS A ROAD MAP
FOR STARTING A NEW BUSINESS IS A BUSINESS PLAN.
POTENTIAL INVESTORS, FINANCIAL INSTITUTIONS, AND
COMPANY MANAGEMENT WILL FIND THIS PAPER TO BE
EASY TO READ AND COMPREHEND. A BUSINESS PLAN
CAN ASSIST YOU IN DEVELOPING YOUR IDEA AND
IDENTIFYING ANY POTENTIAL ISSUES, EVEN IF YOU
PLAN TO FINANCE YOUR VENTURE YOURSELF. INCLUDE
THE FOLLOWING SECTIONS IN YOUR BUSINESS PLAN TO
MAKE IT COMPREHENSIVE:

Executive summary: 1

highlights the goals of the
company and the methods

to achieMveILthEeSmTONE NO. 1

Company description:

2 The company description covers
what problems your product or
service solves and why your
business or idea is best.

Market analysis: 3

This section of the business plan
analyzes how well a company is
positioned against its competitors.

4 Organization and structure:

Write about the type of business organization
you expect, what risk management strategies
you propose and who will staff the
management team.

Mission and goals: 5

This section should contain a brief
mission statement and detail what
the business wishes to accomplish
and the steps to get there.

6 Products or services:

This section describes how your business will operate. It
includes what products you’ll offer to consumers at the
beginning of the business, how they compare to existing
competitors, how much your products cost, who will be
responsible for creating the products, how you’ll source
materials and how much they cost to make

Background summary: 7
This portion of the business plan is the most
time-consuming to write. Compile and
summarize any data, articles and research
studies on trends that could positively and
negatively affect your business or industry.

Marketing plan:

8 It also discusses how you’ll promote
your business, how much money will
be spent on marketing and how long
the campaign is expected to last.

continue....

COME UP WITH AN
EXIT STRATEGY

An exit strategy is important for any business that is
seeking funding because it outlines how you’ll sell
the company or transfer ownership if you decide to
retire or move on to other projects. An exit strategy
also allows you to get the most value out of your
business when it’s time to sell.

The most common exit strategies are:



Selling the business to another party
Passing the business down to family

members
Liquidating the business assets
Closing the doors and walking away




DEVELOP A
SCALABLE
BUSINESS MODEL

It's crucial to have a scalable company strategy
when your small business expands so that you
can accept more clients without increasing your
expenses. A business model that is scalable can
be simply duplicated to service more customers
without significantly raising costs.

4 Choose Your
Business Structure

llc vs Sole Proprietorship

LLC SOLE PROPERIETORSHIP

DEFINITION

Your personal liability for A sole proprietorship is something
business debts is limited you might think about if you start a
by an LLC. LLCs require a solo business. In terms of law and
registered agent and may tax, the owner and the corporation
be owned by one or more are regarded as one entity. Liability
individuals or businesses. for the company is taken on by the
These owners are referred business owner. As a result, the
to as members. owner is both financially and
personally responsible for any
business debts in the event of a
failure of the company.

PROS

LLCs offer liability protection Sole proprietorships are easy to
for the owners form

They’re one of the easiest There’s no need to file additional
business entities to set up paperwork with your state

You can have a single- You’re in complete control of the
member LLC business




CONS

You may be required to file You’re personally liable for all
additional paperwork with business debts
your state on a regular basis
It can be difficult to raise money
LLCs can’t issue stock for a sole proprietorship
You’ll need to pay annual
The business may have a limited
filing fees to your state life span

5. Register

YOUR
BUSINESS

and Get Licenses

Make the name of the company memorable while
keeping it manageable. If it's accessible, pick the
same domain name to build your online identity. A
company name cannot be the same as that of
another legally existing entity in your state, nor
may it conflict with an existing USPTO-registered
trademark or service mark (USPTO).

Register Your Business
and Obtain an EIN

By submitting the necessary paperwork to your state's business
office—typically the Secretary of State—you will formally establish a
corporation, LLC, or other business entity. You must select a
registered agent to accept legal documents on your company's
behalf as part of this process. A filing fee also is needed. A certificate
that you can use to apply for permits, a tax identification number
(TIN), and company bank accounts will be sent to you by the state.

Get an employer identification
number next (EIN

All companies, apart from sole proprietorships, are
required to get a federal employer identification
number. When you submit your application to the IRS,
you will normally get your number right away

Get Appropriate Licenses and
Permits

Legal requirements are determined by your industry
and jurisdiction. Most businesses need a mixture of
local, state and federal licenses to operate

6. Get Your
Finances in Order

Open a Business 50%

Bank Account

Keep your business and personal
finances separate. This business
bank account can be used for
your business transactions, such
as paying suppliers or invoicing
customers. Most times, a bank
will require a separate business
bank account in order to issue a
business loan or line of credit

Hire a Bookkeeper

or Get Accounting

Software

If you sell a product, you

need an inventory

function in your

accounting software to

manage and track

inventory. The software

should have ledger and

journal entries and the

ability to generate

financial statements.




Some software programs

double as bookkeeping

33% t o o l s . T h e s e o f t e n i n c l u d e
features such as check

writing and managing

receivables and payables.

49% You can also use this
software to track your

income and expenses,

generate invoices, run

52% reports and calculate
taxes.

7 FUND

YOUR BUSINESS

If you finance the business with your own funds or with credit cards,
you have to pay the debt on the credit cards and you’ve lost a
chunk of your wealth if the business fails. By allowing your family
members or friends to invest in your business, you are risking hard
feelings and strained relationships if the company goes under.
Business owners who want to minimize these risks may consider
external funding.



THERE ARE TWO TYPES OF FUNDING: INTERNAL
AND EXTERNAL.

53% 49%

INTERNAL FUNDING INCLUDES : EXTERNAL FUNDING INCLUDES :

Personal savings

Credit cards Small business loans
Small business grants
Funds from friends and family

Angel investors
Venture capital
Crowdfunding




Small businesses may need to use a combination of different types of
capital. Consider how much money is required, how long it will take
for the company to repay it, and your risk tolerance. Plan for profit

regardless of which source you use. It's far preferable to earn six
figures rather than seven figures and only keep $80,000 of it.

Funding ideas include:

Invoice factoring: With invoice factoring, you can sell your
unpaid invoices to a third party at a discount.
Business lines of credit: Apply for a business line of credit,
which is similar to a personal line of credit. The credit limit
and interest rate will be based on your business’s revenue,
credit score and financial history.
Equipment financing: If you need to purchase expensive
equipment for your business, you can finance it with a loan or
lease.
Small Business Administration (SBA) microloans: Microloans
are up to $50,000 loans that can be used for working capital,
inventory or supplies and machinery or equipment.
Grants: The federal government offers grants for businesses
that promote innovation, export growth or are located in
historically disadvantaged areas. You can also find grants
through local and regional organizations.
Crowdfunding: With crowdfunding, you can raise money from
a large group of people by soliciting donations or selling
equity in your company.

APPLY FOR

BUSINESS

8INSURANCE

Even if it's a home-based business or you don't have any
employees, your company needs insurance. Depending on your
business strategy and the risks you face, you may require different
types of insurance. As your business expands, you might require

more than one type of policy and more coverage. If you have
employees, you are typically required by law to carry workers'

compensation insurance.

Basic Types of Business Insurance Coverage

Liability Property
insurance
insurance
covers the physical
protects your business against assets of your business,
third-party claims of bodily
injury, property damage and including your office
personal injury such as space, equipment and
defamation or false
advertising. inventory.

Business Product
interruption liability
insurance
insurance
protects against claims
pays for the loss of income that your products
if your business is forced to caused bodily injury or
close temporarily due to a property damage.
covered event such as a
natural disaster.

Employee Workers’
compensation
practices liability insurance

insurance covers medical expenses
and income replacement
covers claims from for employees who are
employees alleging injured on the job.
discrimination, sexual
harassment or other
wrongful termination.

9 MARKET

YOUR
BUSINESS

Useful tips for
beginners

By the time their products are introduced, many
business owners have spent so much money on
product development that they have little money

1 left over for marketing. Alternately, because they
invested so much effort in creating the product,
marketing was only a secondary concern.

CREATE A WEBSITE 2

building a website is quick and can be completed in a single
weekend. Either a traditional informational website or an online

store are options for website creation. Include a page on your
website where buyers can identify your locations and hours if you
sell goods or services offline. An "About Us" page, product or service

pages, frequently asked questions (FAQs), a blog, and contact
information are other pages that should be added.

DEVELOP A SOCIAL MEDIA STRATEGY

3 Your potential customers are using social media every
day—you need to be there too. Post content that’s
interesting and relevant to your audience. Use social

media to drive traffic back to your website where

customers can learn more about what you do and

buy your products or services.

OPTIMIZE YOUR SITE FOR SEO 4

After establishing a website or online store, put your
attention on search engine optimization (SEO). In
this method, the search engine can direct future
customers to your website when they look up
particular keywords related to your products.

BENEFITS OF STARTING A

BENEFITS OF STARTING A BUSINESS OR JOB IN UAE

Legal Framework abundant manpower

General Advantages Strategic Geographic

Location

1 Legal Framework
The legal system is one of the challenges that most foreigners
encounter while making investments in other nations.
Foreigners appear to encounter a complicated web of rules
and guidelines that make it difficult for them to operate their
firms. In Dubai, this is not the case.
Here, the laws are flexible, the rules are light, and the
government actively promotes foreign direct investment. This
makes it quite simple for foreigners to launch a business in
Dubai.

2 abundant manpower
There will always be workers in Dubai, regardless of the type of business that
is established there. Most international investors take advantage of this
feature of Dubai. Due to Dubai's tolerant employment laws, firms are free to
hire people from anywhere in the world. Additionally, because of the
significant decrease in labor costs, profit margins can increase.
These workers are also sponsored in part by the UAE government. To prepare
them for any company willing to hire them, they put these workers through
proper training.

3 Strategic Geographic Location
The physical location of the city is one of Dubai's best features for overseas
companies. It is positioned halfway between Asia and Europe. Additionally, it
offers simple access to China and India, two of the biggest marketplaces in
the world. Shipping goods to foreign nations is also made simple by Dubai's
numerous free zones. It substantially reduces the cost of shipping.

4 General Advantages
A major advantage that foreigners find while setting up businesses in Dubai
are the General Advantages that are offered by the UAE government. These
advantages include the following answers;

0% Taxes which make this the ultimate haven for businessmen.
Import duty is extremely low.
Double Taxation agreement by UAE
Free Trade Agreements of UAE

INNOVATIVE IDEAS
THAT CAN CREATE

MORE JOBS IN
DUBAI

1 TOURISM

2 REAL STATE
DEVELOPMENT

3 IN GENERAL, TAKING BIGGER
GLOBAL PROJECTS. SUCH AS THE

EXPO 2020 AND WORLD CUP
FIFA WILL CREATE MORE JOBS

FOR THE PEOPLE. BECAUSE
BIGGER PROJECTS WILL HAVE

SEVERAL AREAS TO BE
MAINTAINED, CLEAN, FOOD AND

SHELTER VICE. MANY PEOPLE
MUST BE CONTACTED TO TAKE A
BIG PROJECT FORWARD, HENCE,
MULTIPLE JOB OPPORTUNITIES

RESOURCES

EVERY WORD IS
SUMMARIZEBY ME

https://www.sfconsultingbd.com/
dubai-foreign-company-

registration-incorporation/how-
to-start-a-business-in-dubai/

https://www.sba.gov/busine
ss-guide/10-steps-start-
your-business